# Robustness: CFA with GDP/Capita and Trade Openness Controls

| Variable | CFA + log GDP/cap | CFA + trade open | CFA + all extras |
|:---|---:|---:|---:|
| Z_1 | 140.8869** | 132.9465*** | 77.4424** |
| | (57.2719) | (31.7921) | (33.5527) |
| Z_2 | -18.8479** | -15.7166*** | -9.3200* |
| | (8.8909) | (5.1622) | (5.2219) |
| Z_3 | 0.7189* | 0.5583** | 0.3412 |
| | (0.3765) | (0.2228) | (0.2214) |
| fiscal_bal_gdp | 0.5121*** | 0.5746*** | 0.5620*** |
| | (0.0889) | (0.0566) | (0.0568) |
| nfa_gdp_lag | 2.2664 | -0.8285 | -0.7912 |
| | (1.6591) | (1.1191) | (1.0964) |
| rgdp_growth | 0.2347*** | 0.1046** | 0.0908** |
| | (0.0407) | (0.0438) | (0.0448) |
| log_gdp_pc | -0.9305 | | 4.5719*** |
| | (1.6557) | | (1.1334) |
| trade_openness | | -0.1642*** | -0.2125*** |
| | | (0.0233) | (0.0261) |
|:---|---:|---:|---:|
| N | 515 | 508 | 498 |
| R² | 0.0550 | 0.3229 | 0.3715 |
| Countries | 14 | 14 | 14 |

*Panel GLS with country and year fixed effects. Tests whether CFA amplification survives controlling for income level (resource rents proxy) and trade openness.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*